How PanFinancial Insurance Solutions Has Been Helping Clients Since 1985
As an investment and wealth management firm in Toronto, Ontario, we are in the business of working with high net worth professionals or entrepreneurs to provide unique and creative solutions in the areas of wealth maximization, tax reduction strategies, and estate planning.
We deal with a plethora of clients, and each of them provides a challenge in some form or the other, and we rarely have an easy situation. Some of the most challenging cases occur when families with successful businesses have never done any estate planning or succession planning , but now, as the head of the family is in his or her 70’s, and the children are in their late 30’s or 40’s, we’re called in to untangle the web that has been created over the years. This requires specific knowledge in several areas; namely, estate planning which includes will planning, reorganizations of business structures, and tax strategies such as estate freezes to freeze the tax for the parents and move future growth and control into the hands of children if they are destined to inherit the business, without the parent giving up immediate control.
Keep reading to learn about how PanFinancial Insurance Solutions helps clients like these.
The Challenge: Deciphering the unwritten code of financial wealth and family inclusion
After spending years building your professional practice or company and successfully including your family in your success, enlisting the services of an investment and wealth management firm to sort out your go forward planning overnight is a pretty impossible task. However, it is something that is asked of us routinely. At times like these, we first try to gauge the magnitude of the sums we’re working with and how intricately tangled these finances are. We also attempt to ascertain the validity of what agreements, wills, and trusts have been done according to the client and what the reality is. Memory is usually inaccurate of what has actually happened or not. They think they have signed wills, signed appropriate shareholder agreements, but most often their memory fails them. Don’t read this and say this would never happen to you. Look up your own documents, and see how they would work now if you even can find them. Executors are dead, or they are not your friends anymore, accountants have changed, financial advisors are retired and many other possible changes. The problem is that even if you have agreements, wills, trusts, powers of attorneys, they must be updated or changed to follow the changes in tax and estate planning rules.
Before we can even set out to offer solutions, we need to organize your estate plan, wills, shareholder agreements, and even tax reduction ideas. Fundamentally, before we help you sail towards a financial sunset sail, we need to plug any holes you have in your boat.
Many of these “holes” are usually the result of hiring or working with professionals that do a specific job but are not attacking the planning to allow the future to be bright for the builder and future generations. Finances are continually evolving so when working with a professional that adopts stagnant practices, you are bound to suffer, as there are no new ideas, new strategies and leading-edge updates on taxes, estate planning, etc. That isn’t to say that there are many lawyers and accountants that are awesome, like any other consultants, but there are far too many that are not. They may be over their “pay grade” as one accountant told me recently and gladly accepted the help of our team. Our team is comprised of specialists from different firms to work on specific projects along with PanFinancial to get the clients where there planning needs to be at the fairest cost and the quickest speed possible as problems always happen at the wrong time. Read my blogs if you want to see what can happen.
The Solution: A series of discussions and collaborative work with existing professionals
To successfully plug these “holes,” we need a team of well-respected professionals who specialize in the areas of estate planning and tax planning to work in a team environment in order to get the job done with excellence. This team is never meant to upset the relationships with their current Accountants and Lawyers, but to get in, do the job, and leave the client well served. That isn’t to say we are gone, but only to allow the current consultants to do what they have always done for their clients except now the future is planned, family disasters are prevented ( in most situations), and everyone knows a lot more about what is going to happen as their lives roll out.
Once you begin working with us, we first review all the documents and financial statements you have. We spend many hours getting to know the family and the family dynamics, so we know what we are up against. I like to say, “what gets you there, keeps you there.” We find this often in family businesses or practices. We then call the accountants and lawyers and ask for a meeting to introduce ourselves and get to know them and most importantly compare notes. As we may not know their clients as well as they do, we ask a lot of questions and determine whether we can work together for the benefit of the shared client. Most often, it leads to long-standing relationships, but sometimes it just doesn’t, but at least we know we tried.
While in most cases, it is the perception of the client that the professionals have dropped the ball, every situation is different. Sometimes, clients are fee sensitive, and therefore, the professionals they enlisted cannot do whatever it takes to help them. At other times the client may not have been communicative, which resulted in delays and eventually the end of a productive and functional working relationship. A lack of planning responsibilities can be shared, but the bottom line is the client, and his family or partners suffers most at the end of the day.
The Bottom Line
With more than four decades of experience, PanFinancial Insurance Solutions has been using innovative, tax-efficient strategies to reduce our clients’ tax burden, build a financial foundation for the future and generate more wealth for them. We work closely with clients and their professionals to provide unique and creative solutions in the areas of wealth maximization, tax reduction strategies, and estate planning. We are much more comfortable making sure that the professionals attend our introductory meeting at least.
We serve clients across Toronto, Niagara Falls, Kitchener, Barrie, Peterborough, Hamilton, Oakville, Guelph, Oshawa, Markham, Vaughan, Brampton, Mississauga, St.Catherines, Orillia, and Collingwood, Ontario.
In our practice just know that the client comes first and we come second.